The Karnataka High Court has restrained Byju Raveendran and his entities from alienating assets after Qatar Holding sought enforcement of a $235M arbitral award. The Court passed an interim injunction until the next hearing.
The Karnataka High Court has directed the preservation of all emails and communications related to Byju’s insolvency case, stating, “Preserve all emails.” The interim order came in response to a petition by Byju Raveendran, aiming to secure crucial digital evidence amid ongoing proceedings under the Insolvency and Bankruptcy Code (IBC).
Lenders have accused Byju’s former management of attempting to dilute Think and Learn’s stake in Aakash, stressing its crucial role for the company’s value. The National Company Law Tribunal is involved, with several legal representatives addressing ongoing insolvency claims and management control over Aakash, amid ongoing disputes and pending applications.
![[Byju's Insolvency Case] Resolution Professional (RP) Are Creating 'Chaos': Creditor To NCLT](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/08/image-44.png?resize=447%2C367&ssl=1)
NCLAT Chennai today has approved Byju’s settlement with BCCI, halting insolvency proceedings against the edtech firm. Repayment source was confirmed, safeguarding financial creditors’ interests. The tribunal criticized unnecessary complexity and stressed the importance of settlement. With this decision, insolvency proceedings against Think and Learn will cease, and the firm will not form a Company of Creditors.
The NCLAT Chennai expected to announce its decision on Byju Raveendran’s appeal against insolvency proceedings on August 2. This ruling will impact the disputed Rs.158 crore settlement between Raveendran and the BCCI. The case revolves around the initiation of insolvency proceedings against Byju’s parent company, and the source of funds used for the settlement is under scrutiny.
Today(on 31st July), The BCCI has resolved its cricket jersey sponsorship dispute with Byju’s, with Byju’s agreeing to repay over Rs.158 crores to the BCCI. However, a US-based financial creditor opposes the settlement, alleging illicit funds. The NCLAT is examining the situation. Byju’s insolvency proceedings are also ongoing, with various legal actions at different courts.